NewsExpress advert FCMB banner Fidelity bank banner NewsExpress advert
State govts raise N600 billion bonds in 10 years

By News Express on 15/07/2015

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,290


The Debt Management Office (DMO) says state governments have been issued bonds worth over N600 billion to fund infrastructure development in the past 10 years.

Statistics released by Dr Abraham Nwankwo, DMO Director-General, in Lagos and obtained by the News Agency of Nigeria (NAN) said that the amount was raised between 2005 and 2014.

Nwankwo said that the N600 billion was used by the state governments to refinance existing loans.

He said that Nigerian corporate institutions, following the development of domestic bond market between 2005 and 2014 had issued debt instruments worth N223 billion.

``Following the development of domestic bond market between 2005 and 2014 Nigerian corporate institutions have issued debt instruments of about N223 billion, thereby contributing to the development of the real sector,’’ Nwankwo said.

He said the market also attracted supranational issuers of debt securities such as the International Finance Corporation (IFC), a member of the World Bank Group and Africa Development Bank.

The director-general said that enviable achievements recorded in the development of the Federal Government’s Bonds Market earned international recognitions for the FGN bond market.

Nwankwo said the achievements included an active secondary market, creation of sovereign yield curve with tenure of up to 20 years and diversification of the investor base for fixed income securities.

He said the achievements recorded in the development of the domestic debt management led to the endorsement of the FGN bond market by reputable international financial institutions.

He said these recognitions were the inclusion of FGN bonds in the widely used JP Morgan's Government Bond Index-Emerging Markets (GBI-EM) and Barclays Capital's Emerging Markets-Local Currency Government Bond Index (EM-LCBI) in October 2012 and March 2013.

He said that the development led to significant in flow of foreign portfolio investments in the country.

According him, DMO will continue to strengthen and deepen the FGN bond market for enhanced liquidity through the issuance of benchmark bonds and introduction of other varieties of debt instruments.

NAN recalls that DMO on July 13, 2015 listed outstanding FGN bonds amounting to N4.85 trillion and Nigerian Treasury Bills (NTBs) worth N2.80 trillion on the FMDQ OTC platform.

FMDQ Managing Director, Mr Bola Onadele, described the listing as yet another feat for the organisation and reiterated the commitment of the OTC securities exchange to be innovative and credible, in support of the Nigerian economy.

Onadele said FMDQ would continue to provide an efficient platform for the registration, listing, quotation and valuation of debt securities to improve transparency, integration of the domestic and international markets through enhanced trade visibility.

He said the company was committed to improve market surveillance, global presence and competitiveness, enhance secondary market liquidity and effective price formation. (NAN)

Photo shows DMO DG Nwankwo.

Source News Express

Posted 15/07/2015 06:02:35 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Amaechi rejects Wike’s award, says it is poisoned...

Lawyers demand resignation of Rivers Police Commissioner

Naira sustains gain as dollar crashes at parallel...

APC leaders back Oyegun, reprimand Timi Frank

5,000-unit housing project another milestone by Umahi administration...

2020: Beware of desperate politicians, Bayelsa group warns...

No killer gas in Nigerian market —DPR

NEC puts recovered Abacha loot at $26.4m and...

War Commander identifies cause of deadly IDP Camp...

Northern Governors move to end herdsmen/farmers clashes in...

Change of baton at African Union Commission; new...

Russia set to annex Crimea •President Putin approves...

 

Latest News Nigeria opts out of AfCFTA despite huge benefits to region – IMF U.S. to deliver 12 war jets to Nigeria in 2020 Chinedu Moghalu appointed Head, Communications & Advocacy for UN World Food Programme US-Nigeria Investment Summit not part of our schedule, says Emefiele, Adeosun EKITI 2018: 33 APC governorship aspirants obtain forms` Nigeria to sustain positive growth outlook — Adeosun, Emefiele Chibok Schoolgirl’s Parent Dies In Road Accident Niger Govt. spends N787m on Colleges of Nursing Sciences •School of Nursing Bida gets full accreditation after 42 years Nude gunman kills three in US restaurant World's oldest man dies at 117 Bloodshed across Nigeria worrisome — Gowon Regular exercise improves sexual performance: Expert

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (339,366 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (334,306 views) Shameless Genevieve Nnaji exposes breasts in public (267,509 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (219,967 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (201,925 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (197,901 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (172,669 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (155,022 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (146,955 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (138,781 views) Lagos plane crash: Journalist releases victims’ names (136,715 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (129,433 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (36) Business & Economy (3,067) Business Verdict (40) Columnists (836) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (483) Features (568) Global Business Monitor (262) International (1,921) Interview (149) Live Commentary (28) Love Matters (116) News (34,670) Opinion (915) Pidgin (10) Politics (4,801) Religion (722) Sports (1,484) Stock Watch (28) AMA & Al Jazeera Global Update

 

 

NLNG Science and Literature Prize Awards

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement